Successful business development is greatly enhanced if an organisation adopts a growth mindset and nurtures an innovation-ready culture. Culture after all, eats strategy for breakfast.
Pandemic has accelerated the pace of change – so growth aspirations naturally, will skew to the disruption we’re currently facing.
Technology has become key to this faster pace of development by making the impossible, now quite measurably possible.
Enabling and fostering an innovation culture within an organisation requires a leap of faith – that from inevitable early failures, later successes will undoubtedly emanate. And that those failures are in fact, the vital early steps in making a successful innovation become an MVP (Minimum Viable Product).
The Stage Gate model allows unfeasible projects to be weeded out against cost and time. But disruptive innovation, divergent thinking – these concepts are dealing with more revolutionary development – arguably best dealt with outside any legacy innovation funnels set up for servicing existing customers, or current business models.
By far, adopting a portfolio approach to your innovation increases the profitable opportunities for success; sunk costs are often a false economy if they encourage the same pursuit along a blind alley.
Innovating today with transformational processes or outputs in mind, possible new product categories or service lines – and in new or parallel industries and markets – these are achievable business goals for any innovative organisation in 2021. Challenge competition both within and outside your sector.
Technology in the form of AI can hold the keys to this rapid innovation. Setting clear KPIs and value drivers for AI investment is critical – simply improving or automating existing processes is a basic competitive measure.
But using AI models to speed up the rate and depth of transformation across an organisation and to generate critical first-party datasets which can be used to programme departmental machine-learning (ML), shared across collaborative AI-fuelled organisations – well, this can really move mountains!
Whether processing conceptual proposals, undertaking risk analysis or predictive analytics. Removing or highlighting barriers to development, opening the way to digital prototyping and MVPs. AI and ML could provide the roadmap to your future sustainable innovation.
Advertising giant, Publicis Groupe, successfully designed and deployed an AI model to unify communications between its agencies and enable collaborative working in 2018. Called Marcel, its proven a total success during lockdown conditions connecting 80 000 employees and enabling remote innovation across siloes, saving human jobs in the process. A mobile digital assistant, it works across 195 group companies improving access to Publicis enterprise data, enabled with natural language and referencing billions of internal files and external data from a single, organised knowledge base. Transforming tedious manual processes into quick and easy tasks. “It is the first professional assistant to use AI and ML [across all employees] to connect, co-create and share” said Carla Serrano, Chief Strategy Officer of Publicis.
At The Innovation People, we utilise different working models to facilitate the innovation process. Looking at classic case studies, paired with future capabilities and enabled by technology. Design and Innovation sprints which help to ideate and test in days and weeks, where once months of analysis and resource would be required.
Talk to us about your plans for growth and how to adopt an innovation mindset within your organisation.